c910-20260331x10q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended: March 31, 2026


¨	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period from ___________ to ___________

Commission File Number: 000-54028

MILLBURN MULTI-MARKETS FUND L.P.

(Exact name of registrant as specified in its charter)

Delaware		26-4038497
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

c/o MILLBURN RIDGEFIELD LLC

55 West 46^th Street, 31^st Floor

New York, NY 10036

(Address of principal executive offices) (Zip Code)

(212) 332-7300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  No 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company 
	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


Millburn Multi-Markets Fund L.P.
Financial statements
As of and for the three months ended March 31, 2026 and 2025 (unaudited)

Statements of Financial Condition (a)					1
Statements of Operations (b)					2
Statements of Changes in Partners’ Capital (b)					3
Statements of Financial Highlights (b)					5
Notes to Financial Statements					7

(a) At March 31, 2026 (unaudited) and December 31, 2025

(b) For the three months ended March 31, 2026 and 2025 (unaudited)

Millburn Multi-Markets Fund L.P.

Statements of Financial Condition



ASSETS		March 31, 2026
		(unaudited)		December 31, 2025
Investment in Millburn Multi-Markets
Trading L.P. (the “Master Fund”)	$	110,481,242	$	102,624,923
Due from the Master Fund		3,023,124		546,804
Cash and cash equivalents		8,652		-

Total assets	$	113,513,018	$	103,171,727


LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Capital contributions received in advance	$	8,652	$	-
Capital withdrawals payable to Limited Partners		3,023,124		546,804

Total liabilities		3,031,776		546,804

PARTNERS’ CAPITAL:
General Partner		3,283,857		2,869,030

Limited partners:
Series A (68,666.9821 and 71,137.2609 units outstanding)		94,860,262		87,654,039
Series B (3,227.1273 and 3,783.4618 units outstanding)		5,757,121		6,038,026
Series C (1,651.8711 and 1,526.3319 units outstanding)		3,006,694		2,485,298
Series D (1,863.1096 and 2,162.6442 units outstanding)		3,073,637		3,192,171
Series E (410.1550 and 362.9981 units outstanding)		499,671		386,359

Total limited partners		107,197,385		99,755,893

Total partners’ capital		110,481,242		102,624,923

TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	113,513,018	$	103,171,727

NET ASSET VALUE PER UNIT OUTSTANDING:
Series A	$	1,381.45	$	1,232.18
Series B	$	1,783.98	$	1,595.90
Series C	$	1,820.17	$	1,628.28
Series D	$	1,649.74	$	1,476.05
Series E	$	1,218.25	$	1,064.35

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Fund L.P.

Statements of Operations (unaudited)



		For the three months ended
	March 31, 2026		March 31, 2025
INVESTMENT INCOME:
Interest income, net (allocated from the Master Fund) (1)	$	968,514	$	1,316,812

EXPENSES:
Management fees (allocated from the Master Fund) (1)		461,680		506,425
Selling commissions and platform fees (allocated from the Master Fund) (1)		472,377		508,874
Administrative and operating expenses (allocated from the Master Fund) (1)		129,428		128,778
Custody fees and other expenses (allocated from the Master Fund) (1)		7,829		6,347

Total expenses		1,071,314		1,150,424

NET INVESTMENT INCOME (LOSS)		(102,800)		166,388

REALIZED AND UNREALIZED GAINS (LOSSES)
ALLOCATED FROM THE MASTER FUND (1)
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		13,192,178		696,102
Brokerage commissions (allocated from the Master Fund) (1)		(116,192)		(103,716)
Foreign exchange transaction		(113,144)		(44,213)
Net change in unrealized:
Futures and forward currency contracts		954,145		(1,196,617)
Foreign exchange translation		10,244		18,626
Net losses from U.S. Treasury notes:
Realized		-		-
Net change in unrealized		(130,884)		(49,140)

Net realized and unrealized gains (losses)
allocated from the Master Fund		13,796,347		(678,958)

NET INCOME (LOSS) BEFORE PROFIT SHARE		13,693,547		(512,570)

LESS PROFIT SHARE ALLOCATION		1,343,172		1,277
FROM THE MASTER FUND

NET INCOME (LOSS) AFTER PROFIT SHARE	$	12,350,375	$	(513,847)

NET INCOME (LOSS) PER UNIT OUTSTANDING:
Series A	$	149.27	$	(7.06)
Series B	$	188.08	$	(0.84)
Series C	$	191.89	$	(0.85)
Series D	$	173.69	$	(3.59)
Series E	$	153.90	$	4.22

⁽¹⁾ The Partnership’s proportionate share of income and expenses allocated from the Master Fund for the period ended.

See notes to financial statements (Unaudited)


				Millburn Multi-Markets Fund L.P.
				Statements of Changes in Partners’ Capital (unaudited)
				For the three months ended March 31, 2026

			Limited Partners
	General
	Partner		Series A				Series B				Series C				Series D				Series E				Total
	Amount		Amount		Units		Amount		Units		Amount		Units		Amount		Units		Amount			Units		Amount

PARTNERS’ CAPITAL — January 1, 2026	$	2,869,030	$	87,654,039		71,137.2609	$	6,038,026		3,783.4618	$	2,485,298		1,526.3319	$	3,192,171		2,162.6442	$	386,359		362.9981	$	102,624,923

Capital contributions		-		-		-		-		-		210,000		125.5392		-		-		56,864		52.6686		266,864
Capital withdrawals		-		(3,328,328)		(2,470.2788)		(945,031)		(556.3345)		-		-		(481,440)		(299.5346)		(6,121)		(5.5117)		(4,760,920)
Net income before profit share		414,827		11,639,623		-		783,793		-		369,864		-		422,871		-		62,569		-		13,693,547
Profit share		-		(1,105,072)		-		(119,667)		-		(58,468)		-		(59,965)		-		-		-		(1,343,172)
PARTNERS’ CAPITAL —
March 31, 2026	$	3,283,857	$	94,860,262		68,666.9821	$	5,757,121		3,227.1273	$	3,006,694		1,651.8711	$	3,073,637		1,863.1096	$	499,671		410.1550	$	110,481,242

Net Asset Value per Unit at
March 31, 2026					$	1,381.45			$	1,783.98			$	1,820.17			$	1,649.74			$	1,218.25



See notes to financial statements (Unaudited)																								(Continued)

				Millburn Multi-Markets Fund L.P.
				Statements of Changes in Partners’ Capital (unaudited)
				For the three months ended March 31, 2025

				Limited Partners
	General
	Partner		Series A				Series B				Series C				Series D				Series E				Total
	Amount		Amount		Units		Amount		Units		Amount		Units		Amount		Units		Amount			Units		Amount

PARTNERS’ CAPITAL — January 1, 2025	$	2,906,007	$	102,464,490		79,074.9857	$	7,333,525		4,457.8217	$	3,837,204		2,286.1305	$	4,270,156		2,785.5884	$	266,380		247.0895	$	121,077,762

Capital contributions		-		-		-		-		-		200,000		118.0838		-		-		103,492		95.4646		303,492
Capital withdrawals		-		(3,621,285)		(2,775.9505)		(395,668)		(240.2919)		(78,217)		(46.6240)		(650,500)		(421.6912)		-		-		(4,745,670)
Net income before profit share		11,379		(514,670)		-		(2,701)		-		(4,145)		-		(3,306)		-		873		-		(512,570)
Profit share		-		-		-		(467)		-		289		-		(1,099)		-		-		-		(1,277)
PARTNERS’ CAPITAL —
March 31, 2025	$	2,917,386	$	98,328,535		76,299.0352	$	6,934,689		4,217.5298	$	3,955,131		2,357.5903	$	3,615,251		2,363.8972	$	$ 370,745		342.5541	$	116,121,737

Net Asset Value per Unit at
March 31, 2025					$	1,288.73			$	1,644.25			$	1,677.62			$	1,529.36			$	1,082.29


See notes to financial statements (Unaudited)																								(Concluded)


Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the three months ended March 31, 2026

The following information presents per unit operating performance data for each series for the three months ended March 31, 2026.

Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B			Series C				Series D		Series E

NET ASSET VALUE PER UNIT — Beginning of period	$	1,232.18		$	1,595.90		$	1,628.28		$	1,476.05		$	1,064.35

INCOME (LOSS) ALLOCATED FROM THE MASTER FUND:
Net investment income (loss) ⁽¹⁾		(2.31)			5.55			5.64			2.16			8.70
Total trading and investing gains ⁽¹⁾		167.19			215.74			222.60			199.75			145.20

Net income before profit share allocation from the Master Fund		164.88			221.29			228.24			201.91			153.90

Less: profit share allocation from the Master Fund ^{(1) (6)}		15.61			33.21			36.35			28.22			0.00

Net income from operations after profit share allocation from the Master Fund		149.27			188.08			191.89			173.69			153.90

NET ASSET VALUE PER UNIT — End of period	$	1,381.45		$	1,783.98		$	1,820.17		$	1,649.74		$	1,218.25

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND ⁽²⁾		13.30	%		13.74	%		13.89	%		13.57	%		14.46	%

LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND ^{(2) (6)}		1.19			1.96			2.10			1.80			0.00

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND ⁽²⁾		12.11	%		11.78	%		11.79	%		11.77	%		14.46	%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses ^{(3) (4) (5)}		4.28	%		2.27	%		2.27	%		3.03	%		0.50	%
Profit share allocation from the Master Fund ^{(2) (6)}		1.19			1.96			2.10			1.80			0.00

Total expenses		5.47	%		4.23	%		4.37	%		4.83	%		0.50	%

Net investment income (loss) ^{(3) (4) (5)}		(0.71)	%		1.31	%		1.30	%		0.55	%		3.04	%

⁽¹⁾ The net investment income (loss) per unit and profit share allocation from the Master Fund per unit is calculated by dividing
the net investment income (loss) and profit share allocation from the Master Fund by the weighted average number of units
outstanding during the period. Total trading and investing losses is a balancing amount necessary to reconcile the
change in net asset value per unit with the other per unit information.
⁽²⁾Not Annualized.
⁽³⁾ Annualized.
⁽⁴⁾Includes the Partnership’s proportionate share of income (if applicable) and expenses allocated from the Master Fund.
⁽⁵⁾ Excludes profit share allocation from the Master Fund.
⁽⁶⁾ Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted
by rebalancing due to monthly capital activity.
See notes to financial statements (Unaudited)														(Continued)


Millburn Multi-Markets Fund L.P.
Statement of Financial Highlights (UNAUDITED)
For the three months ended March 31, 2025

The following information presents per unit operating performance data for each series for the three months ended March 31, 2025.

Per Unit Performance
(For a Unit Outstanding Throughout the Period)	Series A			Series B				Series C		Series D			Series E

NET ASSET VALUE PER UNIT — Beginning of period	$	1,295.79		$	1,645.09		$	1,678.47		$	1,532.95		$	1,078.07

INCOME ALLOCATED FROM THE MASTER FUND:
Net investment income ⁽¹⁾		0.74			9.17			9.34			5.71			10.74
Total trading and investing losses ⁽¹⁾		(7.80)			(9.90)			(10.31)			(8.87)			(6.52)

Net income (loss) before profit share allocation from the Master Fund		(7.06)			(0.73)			(0.97)			(3.16)			4.22

Less: profit share allocation from the Master Fund^{(1) (6)}		0.00			0.11			(0.12)			0.43			0.00

Net income (loss) from operations after profit share allocation from the Master Fund		(7.06)			(0.84)			(0.85)			(3.59)			4.22

NET ASSET VALUE PER UNIT — End of period	$	1,288.73		$	1,644.25		$	1,677.62		$	1,529.36		$	1,082.29

TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND ⁽²⁾		(0.55)	%		(0.04)	%		(0.06)	%		(0.20)	%		0.39	%

LESS: PROFIT SHARE ALLOCATION TO THE MASTER FUND ^{(2) (6)}		0.00			0.01			(0.01)			0.03			0.00

TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND⁽²⁾		(0.55)	%		(0.05)	%		(0.05)	%		(0.23)	%		0.39	%

RATIOS TO AVERAGE NET ASSET VALUE:
Expenses ^{(3) (4) (5)}		4.21	%		2.21	%		2.21	%		2.96	%		0.46	%
Profit share allocation from the Master Fund ^{(2) (6)}		0.00			0.01			(0.01)			0.03			0.00

Total expenses		4.21	%		2.22	%		2.20	%		2.99	%		0.46	%

Net investment income ^{(3) (4) (5)}		0.23	%		2.22	%		2.22	%		1.49	%		3.96	%

⁽¹⁾ The net investment income per unit and profit share allocation from the Master Fund per unit is calculated by dividing
the net investment income and profit share allocation from the Master Fund by the weighted average number of units
outstanding during the period. Total trading and investing loss is a balancing amount necessary to reconcile the
change in net asset value per unit with the other per unit information.
⁽²⁾Not Annualized.
⁽³⁾ Annualized.
⁽⁴⁾Includes the Partnership’s proportionate share of income (if applicable) and expenses allocated from the Master Fund.
⁽⁵⁾ Excludes profit share allocation from the Master Fund.
⁽⁶⁾ Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted
by rebalancing due to monthly capital activity.
See notes to financial statements (Unaudited)														(Concluded)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Millburn Multi-Markets Fund L.P.’s (the “Partnership”) financial condition at March 31, 2026 (unaudited) and December 31, 2025 and the results of its operations for the three months ended March 31, 2026 and 2025 (unaudited).

These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership’s 2025 annual report included in Form 10-K filed with the Securities and Exchange Commission. The December 31, 2025 information has been derived from the audited financial statements as of December 31, 2025.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”), requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

The Partnership enters into contracts with various financial institutions that contain a variety of indemnification provisions. The Partnership’s maximum exposure under these arrangements is unknown. However, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2022 to 2025, Millburn Ridgefield LLC (the “General Partner”) has determined that no reserves for uncertain tax positions were required.

Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies.

There have been no material changes with respect to the Partnership’s critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership's Annual Report on Form 10-K for fiscal year 2025.

2. INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P.

The Partnership invests substantially all of its assets in Millburn Multi-Markets Trading L.P. (the “Master Fund”). The Partnership’s ownership percentage of the Master Fund at March 31, 2026 and December 31, 2025 was 34.74% and 35.22%, respectively, of total partners’ capital of the Master Fund. See the attached financial statements of the Master Fund.

3. RELATED PARTY TRANSACTIONS

The Partnership bears its own expenses, including, but not limited to, periodic legal, accounting and filing fees. Administrative and operating expenses related to investors in the Partnership (including their pro-rata share of Master Fund expenses) are not expected to exceed 1/2 of 1% per annum of the Partnership’s average month-end partners’ capital.

Series A Limited Partners that redeem Units at or prior to the end of the first eleven months after such Units are sold shall be assessed redemption charges calculated based on their redeemed Units' net asset value as of the date of redemption. All redemption charges will be paid to the General Partner. At March 31, 2026 and December 31, 2025, there were no redemption charges owed to the General Partner.

4. FINANCIAL HIGHLIGHTS

Per Unit operating performance for Series A, Series B, Series C, Series D and Series E Units is calculated based on Limited Partners’ Partnership capital for each series taken as a whole utilizing the beginning and ending net asset value per unit and average number of units during the period.

5. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events from April 1, 2026 to May 14, 2026, the date the Form 10-Q was filed. Based on such evaluation, no events were discovered that required disclosure or adjustment to the financial statements.


Millburn Multi-Markets Trading L.P.
Financial statements
As of and for the three months ended March 31, 2026 and 2025 (unaudited)

Statements of Financial Condition (a)					9
Condensed Schedules of Investments (a)					10
Statements of Operations (b)					14
Statements of Changes in Partners’ Capital (b)					15
Statements of Financial Highlights (b)					16
Notes to Financial Statements					18

(a) At March 31, 2026 (unaudited) and December 31, 2025

(b) For the three months ended March 31, 2026 and 2025 (unaudited)

Millburn Multi-Markets Trading L.P.

Statements of Financial Condition


		March 31, 2026
ASSETS		(unaudited)		December 31, 2025

EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes — at fair value (amortized cost
$55,213,316 and $51,887,657)	$	55,226,992	$	51,974,100
Net unrealized appreciation on open futures and forward currency contracts		5,979,405		3,615,361
Due from brokers, net		11,635,289		4,362,810
Cash denominated in foreign currencies (cost $0 and $913,752)		-		887,808

Total equity in trading accounts		72,841,686		60,840,079

INVESTMENTS IN U.S. TREASURY NOTES — at fair value
(amortized cost $241,817,527 and $216,954,904)		241,729,871		217,165,910

CASH AND CASH EQUIVALENTS		11,846,673		15,141,998

ACCRUED INTEREST RECEIVABLE		1,650,363		1,257,939

OTHER ASSETS		65		65

TOTAL ASSETS	$	328,068,658	$	294,405,991

LIABILITIES AND PARTNERS’ CAPITAL

LIABILITIES:
Net unrealized depreciation on open futures and forward currency contracts	$	-	$	265,176
Cash overdrafts denominated in foreign currencies (cost $1,174,095 and $10,889)		1,178,690		9,364
Subscriptions received in advance		30,000		360,000
Capital withdrawal payable to Limited Partners		3,320,081		1,459,919
Capital withdrawal payable to General Partner		-		4,565
Management fee payable		358,336		319,848
Selling commissions payable		166,511		148,665
Accrued expenses		712,532		473,111
Due to brokers, net		14,270		460
Commissions and other trading fees on open futures contracts		23,260		18,377
Accrued profit share		4,225,691		-

Total liabilities		10,029,371		3,059,485

PARTNERS’ CAPITAL		318,039,287		291,346,506

TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$	328,068,658	$	294,405,991

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments (unaudited)

March 31, 2026


	Net Unrealized
	Appreciation
	(Depreciation)		Net Unrealized
	as a % of		Appreciation
FUTURES AND FORWARD CURRENCY CONTRACTS	Partners’ Capital		(Depreciation)

FUTURES CONTRACTS
Long futures contracts:
Currencies	(0.00)	%	$	(4,359)
Energies	(0.02)			(59,292)
Grains	0.16			521,568
Metals	0.21			667,404
Softs	0.00			12,528
Stock indices	0.47			1,455,873

Total long futures contracts	0.82			2,593,722

Short futures contracts:
Currencies	0.03			84,603
Energies	(0.00)			(104)
Grains	(0.05)			(162,338)
Interest rates	0.38			1,223,760
Livestock	0.00			7,080
Metals	(0.02)			(74,784)
Softs	(0.00)			(1,745)
Stock indices	(0.04)			(117,151)

Total short futures contracts	0.30			959,321

TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net	1.12			3,553,043

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	(1.81)			(5,744,851)
Total short forward currency contracts	2.57			8,171,213

TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net	0.76			2,426,362

TOTAL INVESTMENTS IN FUTURES AND FORWARD CURRENCY CONTRACTS	1.88	%	$	5,979,405

				(Continued)

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments (unaudited)

March 31, 2026


U.S. TREASURY NOTES
			Fair Value
			as a % of
			Partners’
	Face Amount	Description	Capital		Fair Value

$	96,270,000	U.S. Treasury notes, 1.625%, 05/15/2026	30.19	%	$	96,029,325
	101,020,000	U.S. Treasury notes, 1.500%, 08/15/2026	31.50			100,179,482
	101,830,000	U.S. Treasury notes, 2.000%, 11/15/2026	31.68			100,748,056
		Total investments in U.S. Treasury notes
		(amortized cost $297,030,843)	93.37	%	$	296,956,863


See notes to financial statements (Unaudited)	(Concluded)

‎

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments

December 31, 2025


	Net Unrealized
	Appreciation
	(Depreciation)			Net Unrealized
	as a % of			Appreciation
FUTURES AND FORWARD CURRENCY CONTRACTS	Partners’ Capital			(Depreciation)

FUTURES CONTRACTS
Long futures contracts:
Currencies	0.00	%	$	14,545
Energies	(0.07)			(233,312)
Grains	(0.01)			(27,402)
Interest rates	0.08			234,228
Metals	1.01			2,924,189
Softs	0.00			7,319
Stock indices	0.04			126,143

Total long futures contracts	1.05			3,045,710

Short futures contracts:
Currencies	(0.00)			1,378
Energies	0.08			237,476
Grains	0.23			665,000
Interest rates	(0.03)			(93,036)
Livestock	(0.01)			(32,050)
Metals	(0.62)			(1,786,717)
Softs	0.00			4,106
Stock indices	(0.03)			(80,224)

Total short futures contracts	(0.38)			(1,084,067)

TOTAL INVESTMENTS IN FUTURES CONTRACTS — Net	0.67			1,961,643

FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	1.11			3,241,798
Total short forward currency contracts	(0.63)			(1,853,256)

TOTAL INVESTMENTS IN FORWARD CURRENCY CONTRACTS — Net	0.48			1,388,542

TOTAL INVESTMENTS IN FUTURES AND FORWARD CURRENCY CONTRACTS	1.15	%	$	3,350,185

				(Continued)

‎

Millburn Multi-Markets Trading L.P.

Condensed Schedule of Investments

December 31, 2025


U.S. TREASURY NOTES
			Fair Value
			as a % of
			Partners’
	Face Amount	Description	Capital		Fair Value

$	90,830,000	U.S. Treasury notes, 1.625%, 02/15/2026	31.10	%	$	90,601,150
	90,270,000	U.S. Treasury notes, 1.625%, 05/15/2026	30.77			89,645,868
	90,020,000	U.S. Treasury notes, 1.500%, 08/15/2026	30.51			88,892,992
		Total investments in U.S. Treasury notes
		(amortized cost $268,842,561)	92.38	%	$	269,140,010

See notes to financial statements (Unaudited)

(Concluded)

‎

Millburn Multi-Markets Trading L.P.

Statements of Operations (unaudited)



	For the three months ended
		March 31	March 31
		2026	2025
INVESTMENT INCOME — Interest income, net	$	2,749,727	$	4,766,673

EXPENSES:
Management fees		1,014,150		1,453,995
Selling commissions and platform fees		472,382		508,880
Administrative and operating expenses		239,421		286,548
Custody fees and other expenses		22,260		23,043
Total expenses		1,748,213		2,272,466

NET INVESTMENT INCOME		1,001,514		2,494,207

REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		37,468,377		1,694,229
Brokerage commissions		(329,842)		(375,625)
Foreign exchange transactions		(320,471)		(162,179)
Net change in unrealized:
Futures and forward currency contracts		2,629,220		(2,245,285)
Foreign exchange translation		29,014		69,258
Net losses from U.S. Treasury notes
Realized		-		-
Net change in unrealized		(371,429)		(179,611)
Total net realized and unrealized gains (losses)		39,104,869		(1,199,213)


NET INCOME BEFORE PROFIT SHARE TO GENERAL PARTNER		40,106,383		1,294,994
LESS PROFIT SHARE TO GENERAL PARTNER		4,265,488		44,758
NET INCOME AFTER PROFIT SHARE TO GENERAL PARTNER	$	35,840,895	$	1,250,236

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Trading L.P.

Statements of Changes in Partners' Capital (unaudited)



For the three months ended March 31, 2026
		Limited Partners		New Profit Memo Account		General Partner		Total
PARTNERS’ CAPITAL - January 1, 2026	$	290,026,384	$	-	$	1,320,122	$	291,346,506
Contributions		686,866		39,797		-		726,663
Withdrawals		(9,874,777)		-		-		(9,874,777)
Net income before profit share
to General Partner		39,910,544		3,882		191,957		40,106,383
General Partner’s allocation - profit share		(4,265,488)		-		-		(4,265,488)
PARTNERS’ CAPITAL- March 31, 2026	$	316,483,529	$	43,679	$	1,512,079	$	318,039,287



For the three months ended March 31, 2025
		Limited Partners		New Profit Memo Account		General Partner		Total
PARTNERS’ CAPITAL - January 1, 2025	$	430,373,310	$	-	$	1,333,044	$	431,706,354
Contributions		588,492		3,035		-		591,527
Withdrawals		(5,439,684)		-		-		(5,439,684)
Net income (loss) before profit share
to General Partner		1,288,885		(24)		6,133		1,294,994
General Partner’s allocation - profit share		(44,758)		-		-		(44,758)
PARTNERS’ CAPITAL- March 31, 2025	$	426,766,245	$	3,011	$	1,339,177	$	428,108,433

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Trading L.P.

Statements of Financial Highlights (unaudited)

The following information presents financial highlights of a Limited Partner that is charged a monthly management fee of 1/12 of 1.75% and an annual profit share of 20% of Trading Profits (as defined in the Limited Partnership Agreement).


	For the three months ended
	March 31		March 31
	2026		2025

Total return before General Partner profit share allocation ⁽³⁾	13.91	%	0.03	%
Less: General Partner profit share allocation ⁽³⁾	2.13		0.01

Total return after General Partner profit share allocation ⁽³⁾	11.78	%	0.02	%


Ratios to average net asset value:
Expenses ^{(1) (4)}	1.99	%	1.93	%
General Partner profit share allocation ⁽³⁾	2.13		0.01

Total expenses and General Partner profit share allocation ⁽¹⁾	4.12	%	1.94	%

Net investment income ^{(1) (2) (4)}	1.62	%	2.58	%

Total returns and the ratios to average net asset value are calculated for a Limited Partner.

⁽¹⁾ Includes the Limited Partner’s proportionate share of expenses allocated from the Master Fund’s
operations for the three months ended March 31, 2026 and 2025.
⁽²⁾ Excludes General Partner profit share allocation and includes interest income.
⁽³⁾ Not Annualized.
⁽⁴⁾ Annualized.

See notes to financial statements (Unaudited)

‎

Millburn Multi-Markets Trading L.P.

Statements of Financial Highlights (unaudited)

The following information presents financial highlights for Limited Partners as a whole.


	For the three months ended
	March 31		March 31
	2026		2025

Total return before General Partner profit share allocation ⁽³⁾	13.81	%	0.31	%
Less: General Partner profit share allocation ⁽³⁾	1.39		0.01

Total return after General Partner profit share allocation ⁽³⁾	12.42	%	0.30	%


Ratios to average net asset value:
Expenses ^{(1) (4)}	2.28	%	2.11	%
General Partner profit share allocation ⁽³⁾	1.39		0.01

Total expenses and General Partner profit share allocation ⁽¹⁾	3.67	%	2.12	%

Net investment income ^{(1) (2) (4)}	1.32	%	2.39	%

Total returns and the ratios to average net asset value are calculated for a Limited Partner. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on different management fee and General Partner profit share allocation agreements and the timing of contributions and withdrawals.
⁽¹⁾ Includes the Limited Partners’ proportionate share of expenses allocated from the Master Fund’s
operations for the three months ended March 31, 2026 and 2025.
⁽²⁾Excludes General Partner profit share allocation and includes interest income.
⁽³⁾ Not Annualized.
⁽⁴⁾ Annualized.

See notes to financial statements (Unaudited)

‎

NOTES TO FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Master Fund engages in the speculative trading of futures and forward currency contracts and also acts as a master fund for the Partnership, and Millburn Multi-Markets Ltd., a Cayman Islands exempted company (the “Cayman Feeder”).

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Master Fund’s financial condition at March 31, 2026 (unaudited) and December 31, 2025 (audited) and the results of its operations for the three months ended March 31, 2026 and 2025 (unaudited).

These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Master Fund’s annual report for the year ended December 31, 2025 included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission. The December 31, 2025 information has been derived from the audited financial statements as of December 31, 2025.

The preparation of financial statements in conformity with U.S. GAAP in the U.S, as detailed in the FASB Codification, requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

The Master Fund enters into contracts with various financial institutions that contain a variety of indemnification provisions. The Master Fund's maximum exposure under these arrangements is unknown. However, the Master Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2022 to 2025, the General Partner has determined that no reserves for uncertain tax positions were required.

Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies.

2. INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P.

The Partnership and the Cayman Feeder invest substantially all of their assets in the Master Fund. At March 31, 2026 and December 31, 2025, the respective ownership percentages of the Master Fund are detailed below. The remaining interests are held by direct investors in the Master Fund.



	March 31,			December 31,
	2026			2025
Partnership		34.74	%		35.22	%
Cayman Feeder		42.21	%		41.29	%

Total		76.95	%		76.51	%

‎

The capital withdrawal payables at March 31, 2026 and December 31, 2025 were $3,320,081 and $1,464,484, respectively, as detailed below.



	March 31,		December 31,
	2026		2025
Direct investors⁽¹⁾	$	296,957	$	52,870
Partnership		3,023,124		546,804
Cayman Feeder		-		864,810

Total	$	3,320,081	$	1,464,484

⁽¹⁾ Includes profit share to the General Partner of $4,565 and a limited partner redemption of $48,305, totaling $52,870 at December 31, 2025.

The Master Fund bears expenses, including, but not limited to, periodic legal, accounting and filing fees, up to an amount equal to 1/4 of 1% per annum of average net assets of the Master Fund (the “Expense Cap”). Amounts subject to the Expense Cap include expenses incurred at the Master Fund and Cayman Feeder level. The General Partner bears any excess over such amounts.

3. FAIR VALUE

The Fair Value Measurement (Topic 820) of the Codification defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or

indirectly; and

Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

In determining fair value, the Master Fund separates its investments into two categories: cash instruments and derivative contracts.

Cash Instruments. The Master Fund’s cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations. The General Partner does not adjust the quoted price for such instruments, even in situations where the Master Fund holds a large position and a sale could reasonably impact the quoted price.

Cash equivalents includes investments in Dreyfus Treasury Securities Cash Management, a short term U.S. government securities money market fund, that is readily convertible to cash and has an original maturity of 90 days or less.

Derivative Contracts. Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy.

Spot currency contracts are valued based on current market prices (“Spot Price”). Forward currency contracts are valued based on pricing models that consider the Spot Price plus the financing cost or benefit (“Forward Point”). Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Master Fund may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of months from the date the forward currency contract is being valued to its maturity date (“Months to Maturity”), then identifying the forward currency contracts for the two forward months that are closest to the Months to Maturity (“Forward Month Contracts”). Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.

During the three months ended March 31, 2026 and 2025, there were no transfers of assets or liabilities between Level 1 and Level 2. The following tables represent the Master Fund’s investments by hierarchical level as of March 31, 2026 and December 31, 2025 in valuing the Master Fund’s investments at fair value. At March 31, 2026 and December 31, 2025, the Master Fund had no assets or liabilities in Level 3.

‎


Financial assets and liabilities at fair value as of March 31, 2026
	Level 1		Level 2		Total

U.S. Treasury notes (1)	$	296,956,863	$	-	$	296,956,863

Short-Term Money Market Fund*		11,596,673		-		11,596,673
Exchange-traded futures contracts
Currencies		80,244		-		80,244
Energies		(59,396)		-		(59,396)
Grains		359,230		-		359,230
Interest rates		1,223,760		-		1,223,760
Livestock		7,080		-		7,080
Metals		592,620		-		592,620
Softs		10,783		-		10,783
Stock indices		1,338,722		-		1,338,722

Total exchange-traded futures contracts		3,553,043		-		3,553,043

OTC forward currency contracts		-		2,426,362		2,426,362

Total futures and forward currency contracts (2)		3,553,043		2,426,362		5,979,405

Total financial assets and liabilities at fair value	$	312,106,579	$	2,426,362	$	314,532,941

Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	55,226,992
Investments in U.S. Treasury notes held in custody						241,729,871
Total investments in U.S. Treasury notes					$	296,956,863

(2)
Net unrealized appreciation on open futures and forward currency contracts					$	5,979,405
Net unrealized depreciation on open futures and forward currency contracts						-
Total net unrealized appreciation on open futures and forward currency contracts					$	5,979,405

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

‎


Financial assets and liabilities at fair value as of December 31, 2025
	Level 1		Level 2		Total

U.S. Treasury notes (1)	$	269,140,010	$	-	$	269,140,010

Short-Term Money Market Fund*		14,891,998		-		14,891,998
Exchange-traded futures contracts
Currencies		15,923		-		15,923
Energies		4,164		-		4,164
Grains		637,598		-		637,598
Interest rates		141,192		-		141,192
Livestock		(32,050)		-		(32,050)
Metals		1,137,472		-		1,137,472
Softs		11,425		-		11,425
Stock indices		45,919		-		45,919

Total exchange-traded futures contracts		1,961,643		-		1,961,643

OTC forward currency contracts		-		1,388,542		1,388,542

Total futures and forward currency contracts (2)		1,961,643		1,388,542		3,350,185

Total financial assets and liabilities at fair value	$	285,993,651	$	1,388,542	$	287,382,193

Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	51,974,100
Investments in U.S. Treasury notes						217,165,910
Total investments in U.S. Treasury notes					$	269,140,010

(2)
Net unrealized appreciation on open futures and forward currency contracts					$	3,615,361
Net unrealized depreciation on open futures and forward currency contracts						(265,176)
Total net unrealized appreciation on open futures and forward currency contracts					$	3,350,185

* The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

‎

4. DERIVATIVE INSTRUMENTS

The Derivatives and Hedging (Topic 815) of the Codification requires qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements.

The Master Fund’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Master Fund’s open positions and the liquidity of the markets in which it trades.

The Master Fund engages in the speculative trading of futures and forward contracts on interest rates, grains, softs, currencies, metals, energies, livestock and stock indices. The following were the primary trading risk exposures of the Master Fund at March 31, 2026 by market sector:

Agricultural (grains, livestock and softs) – The Master Fund’s primary exposure is to agricultural price movements, which are often directly affected by severe or unexpected weather conditions, as well as supply and demand factors.

Currencies – Exchange rate risk is a principal market exposure of the Master Fund. The Master Fund’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations are influenced by interest rate changes, as well as political and general economic conditions. The Master Fund trades in a large number of currencies, including cross-rates—e.g., positions between two currencies other than the U.S. dollar.

Energies – The Master Fund’s primary energy market exposure is to gas and oil price movements often resulting from political developments in the oil producing countries and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this sector.

Interest rates – Interest rate movements directly affect the price of the sovereign bond futures positions held by the Master Fund and indirectly the value of its stock index and currency positions. Interest rate movements in one country, as well as relative interest rate movements between countries may materially impact the Master Fund’s profitability. The Master Fund’s primary interest rate exposure is to interest rate fluctuations in countries or regions including Australia, Canada, Japan, Switzerland, the United Kingdom, the U.S. and the Eurozone. However, the Master Fund also may take positions in futures contracts on the government debt of other nations. The General Partner anticipates that interest rates in these industrialized countries or areas, both long-term and short-term, will remain the primary interest rate market exposure of the Master Fund for the foreseeable future.

Metals – The Master Fund’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, platinum, silver, tin and zinc.

Stock indices – The Master Fund’s equity exposure, through stock index futures, is to equity price risk in the major industrialized countries, as well as other countries.

The Derivatives and Hedging (Topic 815) of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair values of futures and forward currency contracts in a net asset position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized appreciation on open futures and forward currency contracts.” Fair values of futures and forward currency contracts in a net liability position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized depreciation on open futures and forward currency contracts.” The Master Fund’s policy regarding fair value measurement is discussed in the Fair Value note, contained herein.

Since the derivatives held or sold by the Master Fund are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of the Derivatives and Hedging guidance. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Master Fund’s trading gains and losses in the Statements of Operations.

The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at March 31, 2026 and December 31, 2025. Fair value is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Master Fund’s Statements of Financial Condition.

‎

Fair value of futures and forward currency contracts at March 31, 2026




	Fair Value - Long Positions				Fair Value - Short Positions				Net Unrealized
	Unrealized		Unrealized		Unrealized		Unrealized		Gain (Loss) on
Sector	Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Currencies	$	23,571	$	(27,930)	$	97,733	$	(13,130)	$	80,244
Energies		295,307		(354,599)		46		(150)		(59,396)
Grains		733,852		(212,284)		-		(162,338)		359,230
Interest rates		-		-		2,161,967		(938,207)		1,223,760
Livestock		-		-		9,250		(2,170)		7,080
Metals		1,919,709		(1,252,305)		1,131,930		(1,206,714)		592,620
Softs		23,377		(10,849)		135		(1,880)		10,783
Stock indices		1,696,626		(240,753)		9,040		(126,191)		1,338,722
Total futures contracts		4,692,442		(2,098,720)		3,410,101		(2,450,780)		3,553,043

Forward currency contracts		934,627		(6,679,478)		8,808,046		(636,833)		2,426,362

Total futures and forward currency contracts	$	5,627,069	$	(8,778,198)	$	12,218,147	$	(3,087,613)	$	5,979,405

Fair value of futures and forward currency contracts at December 31, 2025




	Fair Value - Long Positions				Fair Value - Short Positions				Net Unrealized
	Unrealized		Unrealized		Unrealized		Unrealized		Gain (Loss) on
Sector	Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Currencies	$	21,519	$	(6,974)	$	16,018	$	(14,640)	$	15,923
Energies		130,648		(363,960)		240,120		(2,644)		4,164
Grains		-		(27,402)		670,788		(5,788)		637,598
Interest rates		291,569		(57,341)		222,273		(315,309)		141,192
Livestock		-		-		1,760		(33,810)		(32,050)
Metals		3,082,565		(158,376)		87,886		(1,874,603)		1,137,472
Softs		20,048		(12,729)		28,952		(24,846)		11,425
Stock indices		721,043		(594,900)		66,810		(147,034)		45,919
Total futures contracts		4,267,392		(1,221,682)		1,334,607		(2,418,674)		1,961,643

Forward currency contracts		4,337,732		(1,095,934)		665,898		(2,519,154)		1,388,542

Total futures and forward currency contracts	$	8,605,124	$	(2,317,616)	$	2,000,505	$	(4,937,828)	$	3,350,185

The effect of trading futures and forward currency contracts is represented on the Master Fund’s Statements of Operations for the three months ended March 31, 2026 and 2025 as “Net realized gains (losses) on closed positions: Futures and forward currency contracts” and “Net change in unrealized: Futures and forward currency contracts.” These trading gains and losses are detailed below.

Trading gains (losses) of futures and forward currency contracts for the three months ended March 31, 2026 and 2025


Sector	2026		2025
Futures contracts:
Currencies	$	(40,791)	$	(1,836,296)
Energies		8,739,601		2,883,814
Grains		(1,162,757)		(519,164)
Interest rates		16,344,619		1,165,028
Livestock		(4,620)		(82,680)
Metals		6,845,741		4,390,722
Softs		(318,368)		512,313
Stock indices		5,761,118		(1,841,508)
Total futures contracts		36,164,543		4,672,229

Forward currency contracts		3,933,054		(5,223,285)

Total futures and forward currency contracts	$	40,097,597	$	(551,056)

For the three months ended March 31, 2026 and 2025, the monthly average number of futures contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below:


		2026		2025

Average bought		39,042		53,734
Average sold		40,675		45,542
Average notional (in billions)	$	3.7	$	3.5

The customer agreements between the Master Fund, the futures clearing brokers including, Deutsche Bank Securities Inc. (a wholly owned subsidiary of Deutsche Bank AG), BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc.) and Goldman Sachs & Co. LLC, as well as the FX prime brokers, Deutsche Bank AG (“DB”) and Bank of America, N.A. (“BA”), give the Master Fund the legal right to net unrealized gains and losses on open futures and forward currency contracts. The Master Fund netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under FASB Accounting Standards Codification Topic 210, “Balance Sheet,” were met.

‎

The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition as of March 31, 2026 and December 31, 2025.



Offsetting of derivative assets and liabilities at March 31, 2026
			Gross amounts		Net amounts of
			offset in the		assets presented in
	Gross amounts of		Statements of		the Statements of
Assets	recognized assets		Financial Condition		Financial Condition

Futures contracts
Counterparty C	$	480,744	$	(301,406)	$	179,338
Counterparty J		1,526,832		(549,092)		977,740
Counterparty L		6,094,967		(3,699,002)		2,395,965
Total futures contracts		8,102,543		(4,549,500)		3,553,043

Forward currency contracts
Counterparty G	$	2,733,582		(2,231,855)		501,727
Counterparty K		7,009,091		(5,084,456)		1,924,635
Total forward currency contracts		9,742,673		(7,316,311)		2,426,362

Total assets	$	17,845,216	$	(11,865,811)	$	5,979,405


			Amounts Not Offset in the Statements of Financial Condition
	Net amounts of
	Assets
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Received⁽¹⁾⁽²⁾		Net Amount⁽³⁾

Counterparty C	$	179,338	$	-	$	(179,338)	$	-
Counterparty J		977,740		-		(977,740)		-
Counterparty L		2,395,965		-		(2,395,965)		-
Counterparty G		501,727		-		-		501,727
Counterparty K		1,924,635		-		-		1,924,635
Total	$	5,979,405	$	-	$	(3,553,043)	$	2,426,362


⁽¹⁾Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where
settlement is guaranteed by the exchange. Collateral pledged, if any, includes both cash and U.S. Treasury notes held at each
respective counterparty.
⁽²⁾Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the
Statements of Financial Condition, for each respective counterparty.
⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of March 31, 2026.

‎



Offsetting of derivative assets and liabilities at December 31, 2025
			Gross amounts		Net amounts of
			offset in the		assets presented in
	Gross amounts of		Statements of		the Statements of
Assets	recognized assets		Financial Condition		Financial Condition

Futures contracts
Counterparty J	$	665,355	$	(302,647)	$	362,708
Counterparty L		4,820,067		(2,982,101)		1,837,966
Total futures contracts		5,485,422		(3,284,748)		2,200,674

Forward currency contracts
Counterparty K		3,424,714		(2,010,027)		1,414,687

Total assets	$	8,910,136	$	(5,294,775)	$	3,615,361


			Gross amounts		Net amounts of
			offset in the		liabilities presented in
	Gross amounts of		Statements of		the Statements of
Liabilities	recognized liabilities		Financial Condition		Financial Condition


Futures contracts
Counterparty C	$	355,608	$	(116,577)	$	239,031

Forward currency contracts
Counterparty G		1,605,061		(1,578,916)		26,145

Total liabilities	$	1,960,669	$	(1,695,493)	$	265,176

‎


			Amounts Not Offset in the Statements of Financial Condition
	Net amounts of
	Assets
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Received⁽¹⁾⁽²⁾		Net Amount⁽³⁾

Counterparty J	$	362,708	$	-	$	(362,708)	$	-
Counterparty L		1,837,966		-		(1,837,966)		-
Counterparty K		1,414,687		-		-		1,414,687
Total	$	3,615,361	$	-	$	(2,200,674)	$	1,414,687

				Amounts Not Offset in the Statements of Financial Condition

	Net amounts of
	Liabilities
	presented in the
Counterparty	Statements of Financial		Financial		Collateral
	Condition		Instruments		Pledged⁽¹⁾⁽²⁾		Net Amount⁽⁴⁾

Counterparty C	$	239,031	$	-	$	239,031	$	-
Counterparty G		26,145		-		26,145		-
Total	$	265,176	$	-	$	265,176	$	-


⁽¹⁾Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where
settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each
respective counterparty.
⁽²⁾ Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements
of Financial Condition, for each respective counterparty.
⁽³⁾ Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2025.
⁽⁴⁾ Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2025.

CONCENTRATION OF CREDIT RISK

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as a counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange.

The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Master Fund’s assets at financial institutions and trading counterparties which the General Partner believes to be creditworthy. In addition, for OTC forward currency contracts, the Master Fund enters into master netting agreements with its counterparties. Collateral posted at the various counterparties for trading of futures and forward currency contracts includes cash and U.S. Treasury notes.

The Master Fund’s forward currency trading activities are cleared by DB, and BA. The Master Fund’s concentration of credit risk associated with DB, or BA nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB, and BA. The amount of such credit risk was $37,694,164 and $32,577,526 at March 31, 2026 and December 31, 2025, respectively.

5. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three months ended March 31, 2026 and 2025. Profit share earned (from Limited Partners’ redemptions) is credited to the New Profit Memo account as defined in the Master Fund’s Agreement of Limited Partnership.


	Three months ended:		Three months ended:
	March 31, 2026		March 31, 2025
Profit share earned	$	39,797	$	3,035
Profit share accrued		4,225,691		41,723
Total profit share	$	4,265,488	$	44,758

6. FINANCIAL HIGHLIGHTS

Ratios to average capital are calculated based on 1) a Limited Partner that is charged a monthly management fee of 1/12 of 1.75% (1.75% per annum) and 20% of Trading Profits and 2) Limited Partners’ capital taken as a whole. The computation of such ratios based on the amount of expenses and profit share allocation assessed to an individual partner’s capital account may vary from these ratios based on the timing of capital transactions and differences in individual partners’ management fee, selling commission, platform fee and profit share allocation arrangements. Returns are calculated based on 1) a Limited Partner that is charged a monthly management fee of 1/12 of 1.75% (1.75% per annum) and 20% of Trading Profits and 2) Limited Partners’ capital taken as a whole. An individual partner’s returns may vary from these returns based on the timing of capital transactions and differences in individual partners’ management fee, selling commission, platform fee and profit share allocation arrangements.

7. SUBSEQUENT EVENTS

The General Partner has performed its evaluation of subsequent events from April 1, 2026 to May 14, 2026, the date this Form 10-Q was filed. Based on such evaluation, no events were discovered that required disclosure or adjustment to the 10-Q.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to Item 1, "Financial Statements.” The information contained therein is essential to, and should be read in connection with, the following analysis.

OPERATIONAL OVERVIEW

The Partnership invests substantially all of its assets in the Master Fund. Due to the nature of the Master Fund's business, its results of operations depend on the General Partner's ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The General Partner's investment and trading methods are confidential so that substantially the only information that can be furnished regarding the Master Fund's results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Master Fund, and its past performance is not necessarily indicative of future results. The General Partner believes, however, that there are certain market conditions, for example, markets with strong price trends, in which the Master Fund has a better likelihood of being profitable than in others.

LIQUIDITY AND CAPITAL RESOURCES

Units may be offered for sale as of the beginning, and may be redeemed as of the end, of each month.

The amount of capital raised for the Partnership should not have a significant impact on its operations, as the Partnership and the Master Fund have no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and charges. Within broad ranges of capitalization, the General Partner’s trading positions should increase or decrease in approximate proportion to the size of the Master Fund (in which the Partnership participates).

The Partnership raises additional capital only through the sale of Units and capital is increased through trading profits (if any). Neither the Partnership nor the Master Fund engages in borrowing.

The Master Fund trades futures, forward, and spot contracts on interest rate instruments, agricultural commodities, currencies, metals, energy and stock indices, and forward contracts on currencies, and may trade options on the foregoing and swaps thereon. Risk arises from changes in the value of these contracts (market risk) and the potential inability of counterparties or brokers to perform under the terms of their contracts (credit risk). Market risk is generally measured by the face amount of the futures positions acquired and the volatility of the markets traded. The credit risk from counterparty non-performance associated with these instruments is the net unrealized gain, if any, on these positions plus the value of the margin or collateral held by the counterparty. The risks associated with exchange-traded contracts are generally perceived to be

less than those associated with OTC transactions because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In most OTC transactions, on the other hand, traders must rely (typically but not universally) solely on the credit of their respective individual counterparties. Margins which may be subject to loss in the event of a default are generally required in exchange trading and counterparties may require margin or collateral in the OTC markets.

The General Partner has procedures in place to control market risk, although there can be no assurance that they will, in fact, succeed in doing so. These procedures primarily focus on (1) real time monitoring of open positions; (2) diversifying positions among various markets; (3) limiting the assets committed as margin or collateral, generally within a range of 5% to 35% of an account’s net assets, though the amount may at any time be substantially higher; and (4) prohibiting pyramiding (that is, using unrealized profits in a particular market as margin for additional positions in the same market). The General Partner attempts to control credit risk by causing the Partnership and the Master Fund to deal exclusively with large, well-capitalized financial institutions as brokers and counterparties.

The financial instruments traded by the Master Fund contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures, forward and spot contracts or the Master Fund’s satisfaction of the obligations may exceed the amount recognized in the Statements of Financial Condition of the Master Fund.

Due to the nature of the Master Fund’s business, substantially all its assets are represented by cash, cash equivalents and U.S. government obligations, while the Master Fund maintains its market exposure through open futures, forward and spot contract positions.

The Master Fund’s futures contracts are settled by offset and are cleared by the exchange clearinghouse function. Open futures positions are marked-to-market each trading day and the Master Fund’s trading accounts are debited or credited accordingly. Options on futures contracts are settled either by offset or by exercise. If an option on a future is exercised, the Master Fund is assigned a position in the underlying future which is then settled by offset. The Master Fund’s spot and forward currency transactions conducted in the interbank market are settled by netting offsetting positions or payment obligations and by cash payments.

The value of the Master Fund’s cash and financial instruments is not materially affected by inflation. Changes in interest rates, which are often associated with inflation, could cause the value of certain of the Master Fund’s debt securities to decline, but only to a limited extent. More importantly, changes in interest rates could cause periods of strong up or down market price trends, during which the Master Fund’s profit potential generally increases. However, inflation can also give rise to markets which have numerous short price trends followed by rapid reversals, markets in which the Master Fund is likely to suffer losses.

The Master Fund’s assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies, other Commodity Futures Trading Commission-authorized investments or bank held or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Master Fund’s futures, forward, and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Master Fund’s futures, forward and spot trading, the Master Fund’s assets are highly liquid and are expected to remain so. During its operations for the three months ended March 31, 2026, the Partnership, through its investment in the Master Fund, experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

CRITICAL ACCOUNTING ESTIMATES

The Master Fund records its transactions in futures, forward and spot contracts, including related income and expenses, on a trade date basis. Open futures contracts traded on an exchange are valued at fair value, which is based on the closing settlement price on the exchange where the futures contract is traded by the Master Fund on the day with respect to which net assets are being determined. Open spot currency contracts are valued based on the current Spot Price. Open forward currency contracts are recorded at fair value, based on pricing models that consider the Spot Price and Forward Point. Spot Prices and Forward Points for open forward currency contracts are generally based on the median of the average midpoint of bid/ask quotations at the last minute ending at 3:00 P.M. New York time provided by widely used quotation service providers on the day with respect to which net assets are being determined. Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of Months to Maturity, then identifying the Forward Month Contracts. Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. The General Partner will also compare the calculated price to the forward currency prices provided by dealers to determine whether the calculated price is fair and reasonable.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, such as accrual of expenses, that affect the amounts and disclosures reported in the financial statements. Based on the nature of the business and operations of the Partnership, the General Partner believes that the estimates utilized in preparing the Partnership’s financial statements are appropriate and reasonable, however actual results could differ from these estimates. The estimates used do not provide a range of possible results that would require the exercise of subjective judgment. The General Partner further believes that, based on the nature of the business and operations of the Partnership, no other reasonable assumptions relating to the application of the Partnership’s critical accounting estimates other than those currently used would likely result in materially different amounts from those reported.

RESULTS OF OPERATIONS

Due to the nature of the Partnership’s trading, through its investment in the Master Fund, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

Period ended March 31, 2026


	Total
	Partners'
	Capital of the
Month Ended:	Partnership
March 31, 2026	$	110,481,242
December 31, 2025		102,624,923

	Three Months
Change in Partners' Capital	$	7,856,319
Percent Change		7.66	%

THREE MONTHS ENDED MARCH 31, 2026

The increase in the Partnership’s net assets of $7,856,319 was attributable to net income after profit share of $12,350,375 and contributions of $266,864 which were partially offset by withdrawals of $4,760,920.

Management fees, through the Partnership’s investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2026 decreased $44,745 relative to the corresponding period in 2025. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2026, relative to the corresponding period in 2025.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended March 31, 2026 decreased $36,497 relative to the corresponding period in 2025. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2026, relative to the corresponding period in 2025.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2026 increased $650 relative to the corresponding period in 2025. The increase was due to an increase in audit fees charged during the three months ended March 31, 2026, relative to the corresponding period in 2025.

Interest income, through the Partnership’s investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund’s brokers and custodian. Interest income, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2026 decreased $348,298 relative to the corresponding period in 2025. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields during the three months ended March 31, 2026, relative to the corresponding period in 2025.

For the three months ended March 31, 2026, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized gains of $13,796,347 from trading operations (including foreign exchange transactions and translations). Management fees of $461,680, selling commissions and platform fees of $472,377, administrative and operating expenses of $129,428, custody fees and other expenses of $7,829, and profit share of $1,343,172 were incurred. Interest income of $968,514 offset the Master Fund expenses allocated to the Partnership resulting in net income after profit share of $12,350,375.

An analysis of the Master Fund’s gross trading gain (loss) by sector is as follows:


	% Gain
Sector	(Loss)
Currencies		1.29	%
Energies		3.02	%
Grains		(0.36)	%
Interest rates		5.55	%
Livestock		0.04	%
Metals		2.39	%
Softs		(0.07)	%
Stock indices		2.00	%
Trading gain		13.86	%

MANAGEMENT DISCUSSION – 2026

Three months ended March 31, 2026

The Partnership was profitable during the quarter as gains from trading interest rate, stock index, currency, energy and metals futures exceeded losses from trading grain futures. Trading of soft commodity and livestock futures was marginally negative.

During February, increased geopolitical tension between the U.S./Israel and Iran was accompanied by safe-haven demand for government bonds and declining interest rates. Expectations that official interest rate cuts would be forthcoming from the European Central Bank, the U.S. Federal Reserve and the Bank of England in 2026 also coincided with lower global interest rates. Long positions in European, Canadian, Japanese and short-term British interest rate futures, were profitable. However, in March, short positions in interest rate futures were profitable as inflation concerns increased amid higher prices of energy and energy-related products, coupled with supply disruptions related to the Middle East conflict. Short positions in U.S., German, Italian, British, Canadian and Australian interest rate futures across the yield curve were profitable. A shift towards tighter monetary policy by monetary authorities around the globe also accompanied these higher rates, especially in shorter term tenors.

Trading of equity index futures was mixed but positive during the quarter. Early on, capital expenditure spending for artificial intelligence (“AI”), energy and electricity, growing inter-regional trade and institutional reforms coincided with gains in Asian equities. A rotation away from large capitalization technology stocks, especially U.S. equities, toward non-U.S. and smaller capitalization equities was also reflected in positive equity results in January and February. Subsequently, however, concerns about rising inflation, higher interest rates, slowing growth and AI and private credit risks occurred alongside declines in equity markets during most of March, although there was an equity rally at month end amid reports of a possible end to Iran hostilities. Overall, trading of U.S., Korean, Indian, Japanese Tokyo Stock Price Index (TOPIX), iShares MSCI Emerging Markets ETF (EEM), German and British equity index futures was profitable. Conversely, trading of Brazilian, Chinese, Singaporean, Japanese Nikkei, and Euro Stoxx stock index futures posted partially offsetting losses.

The U.S. dollar was volatile during the quarter. It declined in January and February as market participants seemed to anticipate improved growth outside the U.S. and rotating away from concentration in U.S. large technology stocks toward non-U.S. regions and small and mid-capitalization equities. Then, amid the Middle East conflict, the U.S. dollar increased. Short U.S. dollar trades versus the high-yielding Brazilian real, South African rand and British pound were profitable, especially early in the quarter. A short U.S. dollar/long Norwegian krone trade was profitable as oil prices increased. Later in the period, long U.S. dollar trades against the Swiss franc, euro, Korean won, Canadian dollar and Swedish krona registered gains. Conversely, early in the quarter, long U.S. dollar trades against Australian, New Zealand and Japanese currencies posted partially offsetting losses. Trading the U.S. dollar versus the Mexican peso was slightly unprofitable as well.

During January and February, crude oil and crude oil product prices increased amid a rising geopolitical risk premium surrounding U.S./Iran tensions following U.S./Venezuela developments. Production outages in Kazakhstan, U.S. production freeze-offs and tightening U.S. restrictions on purchases of Russian oil also coincided with higher prices, despite reported expectations of significant oversupply. Then, as March opened, energy prices increased following the U.S.-Israeli intervention into Iran, the closure of the Strait of Hormuz and associated supply disruptions for crude oil, crude oil products and energy related goods, such as petrochemicals, fertilizers, sulfur and helium. Long positions in Brent crude, West Texas Crude (WTI), heating oil and London gas oil were profitable. A short U.S. natural gas position and trading carbon emissions were unprofitable.

At the start of 2026, declining interest rates, a weak U.S. dollar, central bank reserve diversification, geopolitical tensions and haven demand, tariff influences, idiosyncratic supply problems, and strong demand related to AI and electricity usage coincided with increases in both precious and industrial metal prices. Long positions in gold, silver and copper were profitable. As prices rose to record highs, Millburn’s risk models, late in January, resulted in position reductions and/or reversals in several markets. These actions preceded a broad profit-taking price retreat across the metals complex at month end and were followed by the preservation of, or additional, profits in certain markets. Then, in March, precious and industrial metals declined as the Middle East conflict coincided with increasing energy prices and supply disruptions that were associated with stagflation concerns, increasing expectations that major central banks could hike interest rates this year rather than lower them

as was expected prior to the start of the intervention, rising bond yields and a stronger U.S. dollar. Short gold, silver, platinum and copper futures positions were profitable. A long aluminum trade was also profitable as Iranian attacks on Gulf neighbors seemed to damage production capabilities.

Short wheat futures positions were unprofitable as prices reached the highest level since June 2024 alongside frost threats in the Black Sea region, drought concerns in the U.S. and farmers scaled back plantings globally as the availability and cost of key crop nutrients became problematic amid the prolonged Middle East conflict. A short corn trade was also unprofitable as rising diesel and nitrogen fertilizer costs coincided with pressure on farmer margins, increased prices and reduced planting intentions. Trading in soybean and soybean meal futures was also unprofitable, as tariff concerns, together with the availability of cheaper Brazilian supplies, seemed to affect Chinese demand for U.S. soybeans. On the other hand, a long soybean oil position produced a partially offsetting gain as Middle East turmoil occurred alongside higher prices for this key feedstock for biodiesel and renewable diesel. Favorable new U.S. government biofuel mandates came during a period of higher soybean oil prices.

Period ended March 31, 2025


	Total
	Partners'
	Capital of the
Month Ended:	Partnership
March 31, 2025	$	116,121,737
December 31, 2024		121,077,762

	Three Months
Change in Partners' Capital	$	(4,956,025)
Percent Change		(4.09)	%

THREE MONTHS ENDED MARCH 31, 2025

The decrease in the Partnership’s net assets of $4,956,025 was attributable to net loss after profit share of $513,847 and withdrawals of $4,745,670 which were partially offset by contributions of $303,492.

Management fees, through the Partnership’s investment in the Master Fund, are calculated on the net asset value of the Partnership on the last day of each month and are affected by trading performance, contributions and withdrawals. Management fees, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2025 decreased $43,202 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2025, relative to the corresponding period in 2024.

Selling commissions and platform fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Selling commissions and platform fees for the three months ended March 31, 2025 decreased $45,767 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2025, relative to the corresponding period in 2024.

The Partnership, through its investment in the Master Fund, pays administrative expenses for legal, audit and accounting services. Administrative expenses, net of amounts borne by the General Partner, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2025 decreased $2,898 relative to the corresponding period in 2024. The decrease was due to a decrease in the average net asset value of the Partnership during the three months ended March 31, 2025, relative to the corresponding period in 2024.

Interest income, through the Partnership’s investment in the Master Fund, is derived from cash and U.S. Treasury instruments held at the Master Fund’s brokers and custodian. Interest income, through the Partnership’s investment in the Master Fund, for the three months ended March 31, 2025 decreased $302,387 relative to the corresponding period in 2024. The decrease was due predominantly to a decrease in short-term U.S. Treasury yields during the three months ended March 31, 2025, relative to the corresponding period in 2024.

For the three months ended March 31, 2025, the Partnership, through its investment in the Master Fund, achieved net realized and unrealized losses of $678,958 from trading operations (including foreign exchange transactions and translations). Management fees of $506,425, selling commissions and platform fees of $508,874, administrative and operating expenses of $128,778, custody fees and other expenses of $6,347, and profit share of $1,277 were incurred. Interest income of $1,316,812 offset the Master Fund expenses allocated to the Partnership resulting in net loss after profit share of $513,847.

An analysis of the Master Fund’s gross trading gain (loss) by sector is as follows:


	% Gain
Sector	(Loss)
Currencies		(1.64)	%
Energies		0.67	%
Grains		(0.11)	%
Interest rates		0.27	%
Livestock		(0.02)	%
Metals		1.03	%
Softs		0.11	%
Stock indices		(0.45)	%
Trading loss*		(0.14)	%

* Percentage of the Partnership Capital. Currencies include a 0.32% gain related to currency hedging allocated at the Master Fund level solely to the Cayman Feeder’s Class GBP Shares.

MANAGEMENT DISCUSSION – 2025

Three months ended March 31, 2025

The Partnership was unprofitable during the quarter as losses from trading currency forwards and stock index futures outpaced profits from trading interest rate and commodity futures.

A series of Trump administration policy initiatives announced during the first quarter were primarily focused on tariffs, immigration and fiscal spending while additional initiatives targeted at tax policy and deregulation seemed likely to be implemented later in the year. This sequencing seemingly weighed on consumer and business confidence, depressed growth expectations and raised inflation concerns. Financial and commodity markets were unsettled amid these developments and the Trump administration’s foreign policy efforts to end Russia’s war on Ukraine and the Israeli-Hamas conflict.

Weakening growth expectations for the U.S., juxtaposed against slight improvements in the prospects for Europe and China and combined with a narrowing of interest rate differentials favoring the U.S. seemingly weighed on the U.S. currency. Long U.S. dollar positions against the euro, United Kingdom pound sterling, Japanese yen, Norwegian krone, Swedish krona, Swiss franc, Chinese renminbi and Singapore, Australian, New Zealand and Canadian dollars were unprofitable. On the other hand, long positions in the high-yielding Brazilian real, Indian rupee and Polish zloty and trading the Korean won relative to the U.S. dollar generated partially offsetting profits.

Shifting growth expectation for the U.S., Europe and China amid U.S. trade, immigration, fiscal and foreign policy initiatives seemingly disrupted equity markets globally. Trading of equity futures was mixed and fractionally unprofitable for the quarter. The rollout of certain U.S. policies was followed by a sharp selloff in Asia (excluding China) equities and long positions in Japanese and Australian equity futures, and trading of Taiwanese, Singaporean, Korean and iShares MSCI Emerging Markets ETF emerging market index futures posted losses. The Brazilian Bovespa index, which had fallen 30% last year, gained sharply during the quarter amid investors rotating into Brazilian equities and out of U.S. equities. A short Bovespa stock index futures trade was also unprofitable. On the other hand, amid positive valuations, declining official interest rates and signs of improving economic activity, the Partnership generated partially offsetting gains on long positions in European and U.K. equity index futures. Long positions in Chinese equity futures also generated gains as President Xi met with corporate leaders, particularly ahead of the March National People’s Congress.

Interest rates faced conflicting forces during the quarter. In America, the deployment of tariffs and use of the Department of Government Efficiency to reduce government spending coincided with consumer and business uncertainty, as well as slower growth and lower interest rates. Conversely, in Germany, newly elected Chancellor Merz’s policy initiatives coincided with a change in government borrowing and spending, higher growth and interest rates. Short positions in German, French and Italian note and bond interest rate futures were profitable. On the other hand, trading of U.K., European and U.S. short-term interest rate futures produced partially offsetting losses. A long position in Japanese government bond futures was also slightly unprofitable, amid concern from market participants that the Bank of Japan might raise official interest rates.

Long gold positions were profitable as demand for safe-haven assets amid tariff uncertainties, geopolitical tensions and continuing central bank diversification demand, rose to record highs during the quarter. Long platinum and aluminum trades were also slightly profitable. Elsewhere,

trading of copper, nickel, zinc and silver produced partially offsetting losses as prices vacillated alongside trade and tariff uncertainties, an unsettled U.S. dollar and changing global growth and inflation outlooks.

Energy prices were volatile during the quarter amid conflicting influences. President Trump threatened to impose tighter sanctions and/or secondary tariffs on buyers of Russian crude oil if President Putin blocked President Trump’s Ukraine peace initiative and to impose additional tariffs and military strikes on Iran if Tehran failed to reach an agreement with the U.S. regarding its nuclear program. Improving growth in China also possibly impacted product price in a positive way. On the other hand, President Trump’s policies seeking lower oil prices and the non-Organization of the Petroleum Exporting Countries’ (“OPEC+”) announcement of impending increased production starting in April seemingly weighed on prices. Concerns about the strength of the U.S. economy and worries that Trump Administration’s trade and tariff policies could dampen global growth possibly constrained prices as well. On balance, long crude oil trades were profitable. A long U.S. natural gas trade was also profitable as prices continued to increase on strong export demand from Europe and Asia. However, a long Dutch Title Transfer Facility (TTF) natural gas position was unprofitable as prices fell from recent one-year highs when the winter heating season reached an end.

A long Arabica coffee position performed well as prices increased to record highs, while adverse weather conditions reportedly damaged crops in Brazil and Vietnam, the world’s two largest producers. Furthermore, the world has consumed more coffee than it produced for the past four years, decreasing inventory levels. On the other hand, cocoa prices, which had risen sharply between November and January, declined throughout the quarter as recent rains improved the outlook for Ivory Coast’s April-to-September mid-crop, making long positions unprofitable. Trading sugar futures was also unprofitable.

Grain prices were volatile during the quarter, coinciding with uncertainties generated by the Trump administration’s trade and tariff policies and its foreign policy initiatives toward Russia, Ukraine and the Black Sea trade corridor. A short soybean oil trade registered a loss as prices rose when an increase in crude palm oil prices pushed up demand for soybean oil as a substitute. Trading of corn was also unprofitable. On the other hand, short wheat and soybean meal positions posted partially offsetting profits.

OFF-BALANCE SHEET ARRANGEMENTS

Neither the Partnership nor the Master Fund engages in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

Neither the Partnership nor the Master Fund enters into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business, through its investment in the Master Fund, is trading futures, forward currency, spot and swap contracts, both long (contracts to buy) and short (contracts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Master Fund for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements of the Master Fund present a condensed schedules of investments setting forth open futures, forward and other contracts at March 31, 2026 and December 31, 2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4. CONTROLS AND PROCEDURES

The General Partner, with the participation of the principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on its evaluation, has concluded that these disclosure controls and procedures are effective. There were no changes in the General Partner's internal controls over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the General Partner's internal controls over financial reporting with respect to the Partnership.

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

None.

ITEM 1A. Risk Factors

Not required.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) Pursuant to the Partnership's Third Amended and Restated Limited Partnership Agreement (the “Partnership Agreement”), the Partnership may sell Units at the beginning of each calendar month. On January 1, 2026, February 1, 2026 and March 1, 2026, the Partnership sold Units to new and existing limited partners of $29,042, $235,864, and $1,958. There were no underwriting discounts or commissions in connection with the sales of the Units described above.

Each of the foregoing Interests were offered and sold only to “accredited investors” as defined in Rule 501(a) under the Securities Act of 1933 as amended (the “1933 Act”), in reliance on the exemption from registration provided by Rule 506(b) under the 1933 Act.

(b) Pursuant to the Partnership’s Partnership Agreement, investors may redeem their Units at the end of each calendar month at the then current month-end net asset value. The redemption of Units has no impact on the value of Units that remain outstanding, and Units are not reissued once redeemed.

The following table summarizes the redemptions by Series A, Series B, Series D and Series E limited partners during the three months ended March 31, 2026. There were no Series C redemptions.


	Series A		Series B		Series D		Series E
Date of	Units	NAV	Units	NAV	Units	NAV	Units	NAV
Withdrawal	Redeemed	per Unit	Redeemed	per Unit	Redeemed	per Unit	Redeemed	per Unit
January 31, 2026	(245.6884)	$ 1,263.75	(195.2134)	$ 1,639.52	-	$ 1,515.44	-	$ 1,095.04
February 28, 2026	(533.1757)	1,277.69	(152.0457)	1,657.34	(109.4610)	1,533.60	(5.5117)	1,110.59
March 31, 2026	(1,691.4147)	1,381.45	(209.0754)	1,783.98	(190.0736)	1,649.74	-	1,218.25

Total	(2,470.2788)		(556.3345)		(299.5346)		(5.5117)

‎

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. OTHER INFORMATION

During the three months ended March 31, 2026, neither the General Partner nor its directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

ITEM 6. EXHIBITS

The following exhibits are included herewith:

31.01 Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
‎31.02 Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer

31.03 Rule 13(a)-14(a)/15(d)-14(a) Certification of President and Chief Operating Officer
‎31.04 Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer

32.01 Section 1350 Certification of Co-Chief Executive Officer

32.02 Section 1350 Certification of Co-Chief Executive Officer

32.03 Section 1350 Certification of President and Chief Operating Officer

32.04 Section 1350 Certification of Chief Financial Officer


101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

‎

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


By:	Millburn Ridgefield LLC,
	General Partner


Date: May 14, 2026

	/s/ Michael W. Carter
	Michael W. Carter
	Vice-President
	(Principal Accounting Officer)